China picks former governor for finance ministry as Xi shake-up continues

Former provincial governor Lan Fo’an is expected to be appointed as China’s new finance minister, according to insiders. The reshuffle of top officials by President Xi Jinping appears to be coming to an end with this appointment. Lan’s previous roles include Communist party secretary of Shanxi and governor of the northern province. He will be replacing Liu Kun as party chief at the Ministry of Finance. The finance ministry is currently under pressure to revive China’s economy, which has been impacted by local government debt and real estate defaults. Lan is facing a challenging task, as decision-making has become increasingly centralized, leaving him little leeway to design policy initiatives on his own. Nevertheless, Lan’s appointment is seen as a reflection of his understanding of his role and trust from top leadership.